it takes me so long to vet a market I am not sure I could find a new market to invest in before it had already been pushed into unreasonable prices.

thats definitely where i am at right now in that 90% I keep coming up with mental hurdles left and right.

I feel for the injured homeowner, but I don't think it's unreasonable for the Association to wait for legal action by the member before they get their insurance involved.

People are getting around this hurdle is placing properties in the names of Cuban citizens, who are the only ones allowed to own property.

I could keep them but now they each need some serious upgrading to keep the rental  income at current levels.There is much more to real estate information than simply buying with nothing or near nothing down and unreasonable spreadsheet projections.  

Just trying to get my ducks in a row before we hit this hurdle.

One of the biggest hurdles to flipping in the Richmond area is simply getting a good property under contract to begin with.

I'm not sure you are considering factors such as, off the top of my head: 1) unlike the have-a-pulse-get-a-loan scenarios of yesterday, they are required to have proper debt-to-income ratios and meet reserve requirements so as long as they don't lose their job for an extended period, they've proven they can afford the payment; 2) even in a down market, they will have to live somewhere, so unless rents are much cheaper, which is unlikely, it makes more sense to not ruin their credit, keep paying and stay where they are, especially if they've improved the property at all; 3) these loans are much more likely to be 30-year-fixed, not the ARMs of yesterday that adjusted up to a surprisingly unreasonable payment (many didn't understand what they signed up for until, Wham, the payment doubled on them, so they had to walk); 4) they pay MIP, upfront and monthly, so there is some protection for the lender if they do default.Many of these people would be stuck paying much higher rents, building others' equity instead of building their own, without FHA loans.  

As I meet more and more people in this area, I'm finding good amount of people were from the bay area, like me, realized housing prices were just unreasonable and moved up here.   

You can't foresee the unreasonable.